Statement of Financial Position

• ¹ Net debt is calculated as total borrowings (including lease liabilities) less cash and cash equivalents.

Total equity increased from US$5,531 million at December 31, 2023 to US$5,844 million at December 31, 2024, notwithstanding the dividend distributed to the shareholders of US$150 million and the Company’s cumulative share repurchase amount of US$102 million in relation to:

• The share repurchase program (the ’Structural Buyback’) effective from March 1, 2024, which was fully completed end of 2024 for a total amount of c. US$70 million. The objective of this program was to reduce the Company’s share capital. Therefore, all shares purchased have been cancelled at the end of 2024. and;
• The additional share repurchase program (the ’Incremental Buyback’) effective from August 8, 2024, which is expected to be completed by end of April 2025 for a total amount of c. US$71 million. The objective of this program is to reduce share capital and, in addition, provide shares for regular management and employee share programs.

The increase mainly resulted from (i) the positive result over the current period, (ii) the positive impact of the Sonangol transaction on foreign currency translation reserves and non-controlling interests with the entity being now fully consolidated, (iii) the gain recognized in retained earnings from the 13.5% divestment to CMFL completed in October 2024, and (iv) capital contributions from non-controlling interests in special purpose entities, partially offset by (v) the decrease of the hedging reserves and dividends to non-controlling interests.

The movement in the hedging reserve was mainly caused by (i) the decrease in marked-to-market value of forward currency contracts, driven by the appreciation of the US$ exchange rate versus the hedged currencies (especially EUR and BRL), partially offset by (ii) the increase in the marked-to-market value of interest rate swaps due to increasing US$ market interest rates.

Net debt decreased by US$(611) million to US$8,137 million at year-end 2024. While the Company’s net debt was positively impacted by (i) the amount of the net cash proceeds of the sale of FPSO Liza Destiny and FPSO Prosperity (with a cash consideration of US$1,760 million received, primarily used for the full repayment of the US$1,384 million project financing) and by (ii) the Lease and Operate segment's strong operating cash flow, the Company drew (iii) on project finance facilities for FPSO ONE GUYANA, FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão in order to fund continued investment growth, and (iv) on the construction financing for FPSO Jaguar, completed in November 2024.

The Company completed the acquisition of the shares in the lease and operating entities related to FPSOs N’Goma, Saxi Batuque and Mondo from its partner Sonangol EP, and simultaneously completed the sale of all its shares in the parent company of the Paenal shipyard in Angola to a subsidiary of Sonangol EP, for a total net consideration paid of approximately US$40 million. As part of this transaction, the Company took the full control over the lease and operating entities in Angola which were previously equity-accounted, decreasing its net debt as of December 2024 by US$49 million.

More than a third of the Company’s debt as of December 31, 2024 consisted of non-recourse project financing (US$3.6 billion) in special purpose investees. The remainder (US$5.3 billion) comprised (i) borrowings to support the ongoing construction of FPSO Almirante Tamandaré, FPSO ONE GUYANA and FPSO Alexandre de Gusmão, which will become non-recourse following project execution finalization and release of the related parent company guarantee, (ii) the project loan for FPSO Jaguar which will be repaid following completion of construction, (iii) the Company’s RCF, which was drawn for US$500 million as at December 31, 2024, and (iv) the US$89 million Revolving Credit Facility for MPF hull financing. Cash and cash equivalents amounted to US$806 million (December 31, 2023: US$543 million). Lease liabilities totaled US$93 million as of December 31, 2024.

Total assets remain stable at US$17.2 billion as of December 31, 2024, compared with US$17.2 billion at year-end 2023. This primarily resulted from (i) the decrease of finance lease receivables following the sale of FPSO Liza Destiny and FPSO Prosperity during the current period, and (ii) a reduction of the gross amount of finance lease receivables in line with the repayment schedules, offset by (iii) the increase of contract assets and receivables related to the FPSO projects under construction at the end of the year, and (iv) the recognition of all assets from the lease and operating entities in Angola following the acquisition of shares of Sonangol EP, where the Company took full control over those entities during the period compared to the net equity investment recognized in the prior year.